Depression Essay -- essays research papers

Clinical misery is one of numerous psychological issue influencing 1 of every 10 Americans today. This issue is described by continuous sentiments of trouble and hopelessness which prompts tension, unsettling, sentiments of void, and loss of self-esteem. Following these underlying side effects are conceivable weight reduction or increase, sleep deprivation, absence of vitality, unordinary uncertainty, and even self-destructive musings or endeavors. There are numerous potential reasons for significant misery; notwithstanding, all the time the malady strikes with no activating reason which prompts a lot of dissatisfaction by the influenced individual and their friends and family. Luckily, researchers have limited the rundown to three significant causes: a first burdensome scene brought about by a horrible mishap, a biochemical issue, or an acquired issue.      Depression can result from a genuinely or truly upsetting episode. This has been named by therapists as first burdensome scene. Potential causes incorporate the demise of a friend or family member, a fetus removal or unnatural birth cycle, a transition to another home or occupation, the finish of a significant relationship, budgetary issues, an incessant sickness, or some other awful accident. For some individuals, these episodes produce a gentle to direct instance of the blues. They feel "down" for some time, however they can keep working and performing regular assignments. Despite the fact that these individuals may encounter the concoction irregularity that is the sign of sadness, the mind variation from the norm ordinarily ...

Impact of Climate Change on Moose Population

Effect of Climate Change on Moose Population Moose in the Noose? From Montana to Minnesota, Ontario and Wyoming to Hew Hampshire moose numbers are in steep decrease. Could environmental change be to be faulted? These great creatures, which can be more than 6 feet tall and weigh 700 kg, are a feature for natural life devotees visiting America’s northern states and acquire genuinely necessary income for neighborhood networks. They are likewise significant parts of the boreal timberland biological system. Tragically these for the most part lone animals are getting progressively increasingly hard to track down by trackers and researchers the same. Moose number decays Montana 40% drop in the quantity of chasing labels discharged Minnesota Down 70% since 2006 New Hampshire Dropped from 7000 to 4600 Wyoming 70% drop since 1998 Montana Mystery Waning populaces in Montana have left nearby individuals stressed and researchers scratching their heads with regards to why. Right now moose numbers in Montana are not checked normally, rather they depend on recounted proof from scholars and trackers with regards to what the circumstance on the ground is. Yet, numerous individuals are concerned. Scratch DeCesare, the scientist driving the examination said â€Å"There’s less moose out there, and trackers are working more diligently to discover them.† So stressed are they that the Montana Fish, Wildlife Parks (FWP) office have quite recently left on a multi year examination to follow populace changes. By labeling moose with radio collars they can investigate them quite a long time after year to quantify their muscle versus fat and take blood, fecal, hair and teeth tests. They will likewise check whether they are conveying any ailments or invasions. With this information they’ll have the option to tell how solid the moose are independently and as a populace and if any labeled moose bite the dust they want to have the option to decide the reason. Until further notice however, why numbers have all the earmarks of being dropping so rapidly is a puzzle. Mike Gurnett, likewise from the FWP said â€Å"in a few pieces of Montana, numbers have declined, chasing licenses cut back, and moose checks keep on drop†. half less chasing licenses were given by the state somewhere in the range of 1995 and 2011. Only a Fluke? In like manner in Minnesota, Michelle Carstensen of the state’s Department of Natural Resources is likewise attempting to make sense of what is befalling their much-adored moose, so well known that they even had an Ice Hockey group named after them †the Minnesota Moose. Inauspiciously the group was migrated to Winnipeg in 1996. We used to have two huge moose populaces in our state one in the northwest, one in the upper east. What's more, the northwest moose populace is basically gone. Numbers in the northwest populace of Minnesota have dropped from 4000 during the 1990s to only 100 in the mid 2000’s. This fast misfortune drove them to drop the 2013 moose chasing season inside and out with the expectation that numbers would bounce back. The north-eastern populace is likewise thought to decrease with less calves seen in the course of the last 10-15 years than beforehand. Trackers here too have revealed trouble in discovering moose. One of the primary driver for this is thought to the liver accident (Murray et al. 2006), these reason harm to the liver, lungs, and different tissues in the moose’s body alongside optional contaminations coming about because of the harm. This diminishes their general wellness and Murray feels that the northwest populace will stop to exist in 50 years time. Ticked off In Ontario, winter ticks are believed to be a significant reason for moose passings. A grown-up moose can have upwards of 30,000 ticks on its body and some have been referred to be plagued with upwards of 100,000. These parasitic ticks can make moose weak; the absence of solid red platelets causes exhaustion because of insufficient oxygen supplies. This dormancy makes it progressively hard for the moose to get enough food. As you can envision a great deal of ticks can be bothersome. Moose don’t groom themselves like deer thus scratch themselves by scouring toward trees. This might be fulfilling in the present moment †like scratching a mosquito chomp †however can be negative in the long haul. Inordinate scratching can evacuate hunks of hair meaning the moose are in more peril of kicking the bucket from presentation in the winter months. In New Hampshire, as well, ticks are a major issue for the moose. Adolescents feel the impacts more than grown-ups, says natural life scientist Ted Walski, â€Å"the 1-year-olds don’t have the blood volume or body size (to adapt), which makes them more susceptible.† In the warm winter of 2011 it is believed that almost all calves brought into the world the earlier year passed on just as 40% of the grown-ups. In moderately outrageous occasion, for example, this moose populaces can bounce back the next year, yet in the event that the circumstance continues for delayed periods recuperation is beyond the realm of imagination. UmWhat does this have to do with environmental change? The way that there appear to be various changed foundations for the moose decreases in these various territories infers that there might be a hidden reason. Populace biologist Denis Murray speculates that it is environmental change. Moose have developed to live in cool atmospheres. As such they have thick, comfortable covers and get focused if it’s excessively hot. As indicated by the Intergovernmental Panel on Climate Change, the multi year time span from 1983 to 2012 was presumably the hottest time of the most recent 1400 years in the Northern Hemisphere (IPCC, 2013). Besides, temperatures in this locale are anticipated to ascend by 1.5ã‹å ¡ to 2ËÅ ¡C in spring and summer somewhere in the range of 2025 and 2035 with winter temperatures expected to ascend by the center of the century (Union of Concerned Scientists, 2003). Montana, Minnesota, and Ontario all share something for all intents and purpose. They’re at the southern edge of the moose’s go †the land furthest reaches of where they can live easily. Moose numbers in southern Sweden, as well, have been accounted for to be dropping. Environmental change makes it increasingly hard for moose to get by in the southern pieces of their range. This is believed to be because of the expanded warmth stress yet in addition the expanded endurance pace of its pathogens over the winter time frame. In these southern regions expanded temperatures are felt all the more distinctly by the moose. At the point when they get too hot they look for cover instead of search for food. This prompts them being more fragile yet in addition prevents them from working up significant fat stores for the winter. Scientist Mark Lenarz from the Minnesota Department of Natural Resourses found that expanded summer and winter temperatures prompted heat pressure was one of the principle factors prompting an expansion in moose passings (Lenarz 2009). White-followed deer are the typical hosts for the live accident. Deer densities are required to increment in light of milder winters (Murray et al., 2006) †uncovering a higher number of moose to disease. Murray additionally found that populaces of moose were contrarily influenced by increments in yearly temperature Ticks numbers can likewise be influenced by environmental change. To perceive how we need a touch of information on their life cycle: Ticks rise up out of eggs in the pre-fall. A little while later they get on to plants like grasses and trees, here they hold up as moose review against them they append themselves. They take care of and develop into grown-ups throughout the winter and afterward mate in January to February, shorter winters mean more get by until this time. In April they begin to isolate and tumble to the ground to lay their eggs and the cycle proceeds. Notwithstanding, if temperatures are low there is more snow around. The white foundation makes the tick’s dull bodies stick out and they’re bound to be eaten by birds(Addison et al. 1989). In any case, if it’s hotter and there is less snow spread and the ticks are more enthusiastically to spot on the dull ground increasingly grown-up ticks get by to lay eggs, prompting expanded contamination rates lat er in the year which negatively affect moose wellbeing. Daniel Bergeron, from the college of New Hampshire, feels that the across the board vanish of moose in the warm, snowless conditions in the winter of 2001 - 2 broadened the period that ticks could be transmitted to moose (Bergeron 2011). http://www.ccwhc.ca/wildlife_health_topics/winter_tick/wintertick.php#canada Christy McCain from the University of Colorado Boulder found that bigger creatures multiple times bound to respond to environmental change than littler creatures. This makes them increasingly touchy to change thus they face the most noteworthy termination hazard (McCain and King 2014). â€Å"The things that are reacting most to environmental change are the things we will in general like the most, that we go to parks to see to see †Big Horn Sheep, Elk, Polar Bears. These are the things that have the most noteworthy eradication risk†. Much like the dinosaurs that ceased to exist following 65 million years back, it was the little warm blooded animals deserted that had the option to adjust to their new condition all the more rapidly and endure. So Consequences for boreal backwoods †less touching and so on Just as the danger of environmental change there are likewise dangers from logging and particularly mining, which as of now isn't dependent upon ecological evaluation. Less perusing by moose †loss of characteristic natural surroundings territories kept up by such touching, less wolves as less moose to chase. References Addison, E. M., Strickland, R. D. also, Fraser, D. J. H. (1989) Gray Jays (Perisoreus canadensis) and basic ravens (Corvus corax) as predators of winter ticks, Dermacentor albipictus., The Canadian Field-Naturalist, 103(3), 406-408. Bergeron, D. H. (2011) Assessing connections of moose populaces, winter ticks, and woodland recovery in northern New Hampshire., University of New Hampshire Masters Thesis, [online], accessible: http://search.proquest.com/docview/884096564 [accessed 02/03/2014] IPCC (2013) Fifth Assessment Report,Climate Change 2013: The Physical Science Basis, [online], accessible: http://www.ipcc.ch/[accessed 02/03/2014] Lenarz, M. S., Nelson

Health Promotion Paper Example

Health Promotion Paper Example Health Promotion Paper â€" Case Study Example > Promoting healthy eating habits among obese adolescentsCreighton UniversityPromoting healthy eating habits among obese adolescentsObesity is a huge problem and spreading throughout the world (Popkin and Gordon-Larsen, 2004). When defined clinically, obesity is BMI of greater or equal to 95th percentile (Pediatrics, 2007). Obesity is often the term used to refer to anyone who is overweight with a body mass index or BMI that is equal to or greater than 95th percentile (Zidenberg Wright, 2008). The Centers for Disease Control and Prevention, which defines the parameters of BMI, issues the following â€" overweight are those with BMI of =95 percentile, at risk of being overweight with a BMI =85 percentile and =95 percentile (Harrington, 2008). The CDC, in its report, notes that over 60% of young people consume a lot of fat, while only 34% of boys and 33% of girls consume the suggested 5-a-day servings of fruits and vegetables. In fact, obesity has increased by one-third in the United States since 1976 (Willett, 1994), and contrastingly by 100 percent between 1980 to 1994 (Harrington, citing Ludwig, Peterson, and Gort-maker, 2001). Moreover, overweight adolescents were recorded at an alarming 21 to 30 percent (Wilson, August 2007). In a study conducted for 548 different ethnicity in Boston area public school system in a span of 19 months found tremendous link between SSB intake, weight change, and incident of obesity. Ludwig et al found a remarkable associations among these children’s consumption of SSB or sugar-sweetened beverages intake, weight change, and incident of adiposity. As a standard measure, Wilson recommended that prevention and treatment must address this imbalance. As obesity grows relentlessly as a global health epidemic and major social dilemma, numerous and devastating myriad consequences are gradually taking its toll in people’s health and the society. Zidenberg Wright note the marked increase in the rate of bariatric surgery or operatio n to induce weight loss has significantly rose three times than in 2000 and 2003. Likewise, Wilson (cited by Daniels, 2006, 230) predicts that the future generation may never experience longer life expectancy since today’s obese adolescents are at high risk of living less healthy and shorter lives than their predecessors. Thus, there is an issue bigger than the increase in the waistline of Americans. There is the challenge, however, to make intervention programs such as promoting healthy eating habits and nutritional education relevant to its obese adolescent constituents. This paper aims to implement a care management process that approaches the education and promotion of healthy eating to obese adolescents, such as educating adolescents about the benefits of fruits and vegetables, and the required servings each day. Thus, any prevention intervention must address and prioritize overweight children, particularly adolescents, since these segments are key predictors of obesity in a dulthood. The need for evidence-based health care management process is critical in aiding nurses design and implement a strategic care management process. For the purpose of this research, nurses will attempt to recruit adolescents who are already obese. In this case, nurses expect obese adolescents are already aware of their weight issue and may have already attempted several weight loss strategies. Nurses will prepare and deliver the required five of the targeted food combination of fruits and vegetables daily to the participants during the duration of the program. Hence, nurses expect participating obese adolescents to eat friuts and vegetables at least five times a day. Upon the completion of this program, nurses expect participants to have cut their BMI into less than 95 percent.

The Love Song of J. Alfred Prufrock A Good Example of...

Modernism is a period which is both progressive and optimistic.The Modern period starts with the Renaissance for historians.It’s stem ‘’Modern’’, comes from the Latin which means ‘’current’’.It is a cultural movement which involves changes in art,architecture,music and literature: ‘’†¦ the vast majority of attempts to offer alternative modes of representation in literature,music,painting,film and architecturefrom the middle of the 19th century to the middle of 20th century have been termed modernist’’(Childs 6) It is a period when traditional values start to change.This movement causes innovations in science,art,culture,ethics,philosophy and psychology.It intends to find new or hidden meanings in the human experience.It’s main aim is†¦show more content†¦Ã¢â‚¬ËœÃ¢â‚¬â„¢In poetry,modernism is associated with moves to break from the iambic pentameter as the basic unitof verse to introduce verse libre,symbolism and other forms of writing.In prose,modernism is associated with attempts to render human subjectivity in ways more real thanrealism:to represent through interior monologue,stream of consciousness,defamiliarization,rhythm,irresolution(Childs12 They call this movement as a ‘’ revolution of the word’’.T.S Eliot’s The Love Song of J. Alfred Prufrock by T.S. Eliot is a good example for Modernism. It represents its aspects successfully. It is a poem about a man who has some problems in life.Even though the narrator of the poem is a middle-ag ed man; the poem is obviously written by a young man.( T.S. Eliot himself ). Eliot in his real life probably share Prufrock’s moods,feelings or anxieties about women.We see J. Alfred Prufrock’s dissapointment with the society he lives in.We see his ideas about everyday life which is described as vacant and repetitive by him.We can get the idea that Prufrock doesn’t content with his surroundings from the lines( line 6 ).It is so obvious from the lines that Prufrock doesn’t content with his life.In the poem he says that he has ‘’known them already,known themShow MoreRelatedThe Love Song of J. Alfred Prufrock Essay1524 Words   |  7 Pagesï » ¿Question: Part A: Analyze the social and historical context of a particular poem Poem: T. S. Eliot, ‘The Love Song of J. Alfred Prufrock The context of any given text whether poetry, novels or a movie is always integral to its understanding. Social and historical context of not only the given text, but the writer’s context and reader’s context play an important role in the interpretation and understanding of the major ideas, issues, values and beliefs within the text. T.S (Thomas Stearns) EliotRead More T.S Eliot’s Preludes and The Love Song of J.Alfred. Prufrock, are examples1059 Words   |  5 PagesT.S Eliot’s Preludes and The Love Song of J.Alfred. Prufrock, are examples of modernist poetry which illustrate the concerns of modernist poets. Explain how the poetry you have studied reflects some of the major concerns of its context? In your answer refer closely to two poems by T.S. Eliot. T.S Eliot’s Preludes and The Love Song of J.Alfred. Prufrock, are examples of modernist poetry which illustrate the concerns of modernist poets. The modern era, which lasted between 1885 to 1940Read MoreEssay on T.s. Eliot And Society1454 Words   |  6 Pages Modernism was the time period between 1865 and 1950 that consisted of a change in the perspectives of how Americans examined themselves and their role in society. Many things occurred during these eighty five years that accounted for a great social change. Among these things were World War I, the Civil Rights Movement, prohibition, women suffrage, and the Great Depression. Particularly after World War I and during women’s suffrage, society’s standpoint on certain issues changed dramatically. AfterRead MoreThomas Stearns Eliot Essay examples1159 Words   |  5 PagesThomas Stearns Eliot T.S. Eliot was a poet, critic, and an editor. He was a major figure in English poetry, famous for works such as The Waste Land, and The Sacred Wood. His critical essays helped to start a movement of literary modernism by stressing tradition, along with objective discipline. Eliot, along with the help of William Butler Yeats, and Ezra Pound set new poetic standards by rejecting the English romantics. Thomas Stearns Eliot was born in St. Louis, MO. on September 26thRead MoreEssay on Modernism Brought Much Change into the World1074 Words   |  5 Pages​Modernism or modernist poetry refers to the time period where poems were written by various people between the 1890s and 1970s. Modernism poets have a lot of knowledge and their works reflect it. The Era of modernism brought on modern language as it referred to thought, practice or someone’s character. This brought on a lot of change in the world. The thought behind the thinking of modernist poets were that of individualism. The modern movement came about as the result of the industrial revolutionRead MoreEliot s Poetry Of A Divided Mind2445 Words   |  10 Pages| Form prayers to broken stone.† To what extent and in what ways is Eliot’s poetry testament to a divided mind? W.B. Yeats famously said that poetry was born from a â€Å"quarrel with ourselves,† and Faulkner later added in his Nobel Prize Speech that good writing comes only from â€Å"the problems of the human heart in conflict with itself.† These insights are no more apt than when applied to the poetry of T.S. Eliot. Exploding onto the poetic scene in 1915, Eliot and his friend Ezra Pound were at the forefront

Kamal Pvc Industries Pvt Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3453 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The area in the finance of dealing with the decisions on monitory grounds is identified as corporate finance. Maximize shareholder value is the primary object of corporate finance. The decisions and techniques can be long term or short term. Don’t waste time! Our writers will create an original "Kamal Pvc Industries Pvt Finance Essay" essay for you Create order The long term decisions are pertaining to capital investment which consist with equity or debt financing and when or whether payment of dividends to shareholders. Decisions deal with current assets and current liabilities such as managing inventories, cash and short term lending and borrowing are focused by short term decisions. Raise capital as appropriate by evaluating the companys financial needs that best fit to the needs, grow, develop, create and acquire businesses based on that, is corporate finance which also associate with investment banking. The Company Kamal (PVC) Industries (Pvt) Ltd (KPL) Profile The company founded in 1982 as a PVC pipe manufacturer producing limited range of pipes with one injection molding machine and single extruder and a small number of operators and resources. In 1985 added another two extruder machines and a PVC mixing plant to enhance the production capacity. The range of products with KTK brand was established in the market with a good reputation for high quality. In late 1990s further expanded the production process by investing on sophisticated machinery in the entire process. They were awarded with ISO 9001-2000 quality certificate for the range of products. Presently introduced with a wide range of products such as agricultural pipes in HDPE, irrigation drip pipes, electrical trunking and rain water gutters in PVC.ÂÂ  Now the company is in the capacity of manufacturing pipes in large diameter to cater the requirement of National Water Supply Department and considerable market share gained in the PVC pipe industry. The company intends to further expand the product range to cover pressure pipes with large diameter and sewerage fittings by offering complete solution to water and waste water projects. Range of Products PVC pipes Drainage and irrigation pipes and fittings PVC trunking and conduits Fittings made of injection molding technology Gutters and fittings for rain water management Solvent and Tile trims By implementing 5S practices in the work flow company has improved the productivity and steps taken to ensure safety of products and quality up to standards of national and international. Models Concepts Share Holder Value Discuss about the management decision which grow earnings, dividend and share price of the company that affects the ability to increase the cash flow and deliver value to share holders over a period. Valuation Discuss about the dividend valuation model which value of the firms share capital Cost of capital Discuss about the beta value of the company and provide firms overall cost of capital. Calculating cost of debt, cost of capital and weighted average cost of capital (WACC) are also discussed by the author. Financial Statement Analysis Calculated firms all possible ratios such as short term solvency, long term solvency, activities and profitability and changes. Performance indicators of the company Used the following performance indicators to assess the general and financial standing of the company. Growth Measure Compounded Annual Growth Rate of Total Assets (CAGRTA) Profitability Measure ROA Profit Margin Measure NPM Asset Utilization Measure Sales-to-Asset Ratio (STA) Risk Measure Variance of ROA (VROA) Tobins Q Ratio Total Sales Earnings per Share (EPS) EPS = {PAT / n}, n= number of equity shares Market Capitalization = MV per Share * n Book Value of Equity (BV) = {Net Worth / n} Price-to-Earnings Ratio (P/E Ratio) P/E Ratio = Market Price per Share / EPS = Market Capitalization / PAT Price-to-Book Value Ratio (P/BV Ratio) P/BV Ratio = Market Value per Share / Book Value per Share = Market Capitalization / Net Worth Following table contains some of the above ratios of Kamal PVC Industries (Pvt) Limited a Share Statistics ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on 31-Dec-11 31-Dec-10 31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   EPS (Rs.) 8.12 3.71 5.97 CFPS (Rs.) 13.79 9.05 10.84 Book Value (Rs.) 56.98 67.14 65.10 P/E Ratio 9.2 P/BV Ratio 1.3 DPS (Rs.) 2.00 1.50 1.50 ÂÂ   ÂÂ   ÂÂ   ÂÂ   Note: * Market Capitalization (For March, 2012) = 1246.82 (Rs. Mn.) * Market value per share (For March, 2012) = Rs. 75 Application of Shareholder Value Maximization Framework Factors affecting Shareholders Value are: Capital Market Conditions Profitability Æ’ÂÂ   Includes factors such as Sales Turnover / Profit Margin Risk Growth Assessing these factors for the company gives us a framework on which one can base a buying/selling criterion for the companys stock. Profit: Kamal PVC Industries (Pvt) Limited has been showing an increase in its profit margin for the past years, and there is still scope in this respect as the company is now increasing its product range and with demand expected to remain due to it market in white goods and electronic items. Hence the positive + rating. Risk: The risk factor for any company is always a matter of subjectivity. Hence the neutral rating O. Growth: Potential for growth is always there for a company in this field. Kamal PVC Industries (Pvt) Limited has also started work on RD and is expected to come out with newer products at the same time it is also looking into expanding its production capacity. Hence the positive + rating. Capital Market Conditions: Capital market conditions are quite unpredictable and with the ever-changing global scenario it is quite difficult to gauge this properly. Hence the neutral O rating. This has been put down in the following table: Factor Kamal PVC Industries (Pvt) Limited Profit + Risk O Growth + Capital Market Conditions O Overall 2 + Cost of Capital Beta Value Risk is an important consideration while investing in any security. It is the possibility that realised returns will be less than the returns expected. The degree, to which different portfolios are affected by risk as compared to the effect on the market as a whole, varies and is measured by Beta. The Beta factor describes the movement in a stocks or a portfolios returns in relation to that of the market returns. Beta is given by: Beta = {Covariance (X, Y) / Variance (X)} Where, Y is the returns on the security, X is the market returns or index, Covariance is a measure of how the two variables co-vary, and Variance is the square of standard deviation. Value of Beta for Bayer ABS Limited: 0.75 Cost of Capital Cost of Capital is the required return necessary to make any project worth its investment cost. This includes the cost of debt and the cost of equity. It can also be taken as the rate of return that the firm would receive if they invested their money someplace else with similar risk. Cost of Equity is the return that stockholders require from a company, and the Cost of Debt is the return that debt investors require from a company. Weighted Average Cost of Capital (WACC) is calculated by multiplying the cost of each capital component by its proportional weight and then summing them up: WACC = ((E/V) x Re) + {((D/V) x Rd) x (1 T)} Where: Re = Cost of Equity, Rd = Cost of Debt, E/V = percentage of financing that is equity, D/V = percentage of financing that is debt, E = the market value of the firms equity, D = the market value of the firms debt, V = E + D T = the corporate tax rate. Calculations: Taking Re as 16 %, Rd as 8 %, E/V as Rs. 1000, D/V as Rs. 500, and T as 40%, and substituting these values in the WACC formula, we get: WACC = (1000/1500 x 16) + {(500/1500 x 8) x (1 0.4)} = 10.67 + (2.67 x 0.6) = 12.27 Note: Looking at the Balance Sheet (For Kamal PVC Industries (Pvt) Limited Refer Appendix A), we see that, Equity Capital (Equity Share Capital + Reserves) = 1000 (Rs. Mn.) approx. Debt Capital = 500 (Rs. Mn.) approx. Hence the example above provides a close approximation for the companys WACC. Capital Asset Pricing Model (CAPM) Capital Asset Pricing Model (CAPM) is a model which utilizes the measure of systematic risk, B to price assets. The expected rate of return is given by: Ke = Rf + B x {Rf Rm} Where: Rf = Risk free rate of return, Rm = Market rate of return, Ke = Expected rate of return, B = Beta value for the stock. Calculations: Taking Rf as 6%, Rm as 12%, and beta, B (for Kamal PVC Industries (Pvt) Limited) as 0.75, and substituting these values in the CAP model, we get the expected rate of return, Ke as: Ke = 6 + {0.75 x (12 6)} = 6 + 4.5 = 10.5 Hence, an investor in the company Kamal PVC Industries (Pvt) Limited would be looking for a return of 10.5 % on his investments. Financial Risk (Due to Capital Structure of the Firm) Capital Structure of a firm is the mix of debt, preferred shock, and equity used for its long-term financing. Comments: We know that greater the financial leverage, lower will be the cost of capital for the firm. The management of Kamal PVC Industries (Pvt) Limited can hence look at increasing the debt financing to reduce the cost of capital for the firm. At the same time, since the company is financed more by equity capital and is less financed by debt, hence the financial risk as perceived by the shareholder will be less. No new equity has been issued since 1999; this is a positive thing as the existing shareholders have a better influence on the direction of the company. Comments for the Leverage Ratios (Refer Appendix A): The leverage ratios (Debt-to-Networth and Long-term Debt to Networth) for the company are on the lower side. These are in fact less than the industry (Petrochemical sector) average (which are around 1.0), and hence this can be a cause for concern. The ratios being low at the same time implies that the financial risk involved for the company is on the lower side as well. Financial Statement Analysis Ratio Calculation: A Financial Ratio is an index that relates two accounting numbers and is obtained by dividing one number by the other. Following five categories essentially encompass most of the important financial ratios: Short-Term Solvency Ratios (Liquidity Ratios) Current Ratio = Current Assets / Current Liabilities It is a good measure of the short-term liquidity position of a company. It basically shows the ability to cover ones current liabilities with ones current assets. Quick Ratio = {Current Assets Inventory} / Current Liabilities This is also called the Acid-Test Ratio. It basically shows the ability to cover ones current liabilities with ones most liquid assets. NWC-to-Total Assets Ratio = NWC / Total Assets Net Working Capital measure. Long-Term Solvency Ratios (Financial Leverage Ratios) Debt-Equity Ratio = Total Debt / Total Equity It is a measure of a companys debt utilization. It gives the extent to which a company is financed by debt. Interest Coverage Ratio = EBIT / Interest It is also called as the Times Interest Earned or TIE Ratio. It is a measure of a companys interest obligations. Cash Coverage Ratio = {EBIT + Depreciation} / Interest It is a measure of a companys interest obligation coverage by cash alone. Asset management Ratios (Turnover Ratios) Receivables Turnover Ratio It is a measure of receivables turnover. Payables Turnover Ratio It is a measure of payables turnover for a company. Total Asset Turnover Ratio It is a measure of the total asset turnover for a company. Profitability Ratios Profit Margin It is a measure of the profit margin of the company. This is important to gauge the financial position of the company. Return on Investment ROI tells how a company has done through its securities investments. Return on Equity It is a measure of return on the equity for the shareholders of the company. Market Value Ratios Price-Earnings Ratio P/E ratio shows how much investors are willing to pay for earnings per share of the company. Market-to-Book Value Ratio It is a measure of how the companys stock is doing with respect to its intrinsic or the book value of the stock. Earnings per Share It is a good measure of profitability of a companys stock. EPS is the portion of a companys profit allocated to each outstanding share of common stock. Leverages Leverages are of prime importance in the analysis of a companies risk. They give a good picture of the business, financial and the overall risk of a companys operations. Following three leverages are the most important in this regard: Operating Leverage (OL) = Contribution / EBIT It is a measure of the business risk. Financial Leverage (FL) = EBIT / PBT It is a measure of the financial risk. Combined Leverage = OL * FL = Contribution / PBT It is a measure of the overall risk. Comments: Based on the ratios and the leverages, we can comment on the position of the company with respect to: Short-term Solvency Position: The short-term solvency position of Kamal PVC Industries (Pvt) Limited is not as good as one would like it to be. The decrease in the current ratio to a value below the unity mark should be a concern. This shows that the company has some liquidity problems. Long-term Solvency Position: The long-term solvency of the company appears to be ok. The company has to improve its debt-equity ratio to meet industry average. Activity Position: Activity ratios for Kamal PVC Industries (Pvt) Limited are not in order. Indications of variable activity are available on comparing the ratios over the years. The company needs to ensure lower days of receivables and come up with proper working capital management measures. Profitability Position: The profitability position of Kamal PVC Industries (Pvt) Limited has improved over the years. This may be attributed to the increase in sales and to the decrease in the debt liabilities. The profit measure ratios have shown a substantial improvement from 1999 to 2001. Both the PAT and the cash profit have increased substantially over the years. This shows that the company has been operating at comfortable profit margins and that too despite the increasing competition. PS: One thing should be noted that over the three years under consideration, the year 2010 has been below par. One can see that the company was performing about fine in the year 2009, and has shown a large improvement in the year 2011, but the year 2010 has not been good, compared to the year 2009. This may be attributed to global competition and pressure from other competitors. Also, since a substantial market for the companys products is in the white goods and the electronics and IT sectors, hence the health of these sectors too might have been a cause for poor performance. Statement Analysis: (Refer Appendix A for the financial statements and common size statements for the company for three financial years) Observations: There has been no change in the Equity share capital of the company. Decrease in Reserves and decrease in the total debt for the company is again a positive thing implying better utilization efforts by the company. The Net Sales have been rising at a steady pace, likewise for the operating income and the profits. The tax liabilities of the company have increased over the year, but this is normal as this is due to more income. The Equity-Debt ratio has also been showing an upward trend over the years. Both the PAT and the cash profit have increased substantially over the years. This shows that the company has been operating at comfortable profit margins. Comment on Changes: Based on the observations and the data available for the three financial years, we can make the following comments on the financial position of the company: Increased Capital Turnover of Kamal PVC Industries (Pvt) Limited coupled with higher margins had led to an increase in return on capital employed (RoCE). The companys total debt has decreased from Rs. 572.78 mn as on December 31, 2009 to Rs. 475.91 mn as on December 31, 2011. The company s EPS has improved from around Rs. 6.0 in 2009 to around Rs. 8.0 in 2011. Improvement can also be seen in the Cash Flow per Share (CFPS) and in the dividend payout in year 2011 as compared to previous years. Cash Flows to Debt and Equity When calculating the amount of cash flowing to debt and equity holders, it is not appropriate to use the unlevered free cash flows because these cash flows do not reflect the tax savings from the interest paid. Starting with the UFCF, add back the taxes saved to obtain the total amount of cash available to suppliers of capital. Hurdle Price At times a firm may wish to know at what price it would have to sell its product for a particular investment to have a positive net present value. A procedure for determining this price is as follows: Express the operating cash flow in terms of price. There may be multiple phases such as a short start-up period, a long operating period, and a final year in which the terminal value is calculated. Write out the expression for the NPV using the appropriate discount rate. For the longer operating period, one can calculate an annuity factor to multiply by the operating cash flow expression. Solve the expression for the cash flow that would result in an NPV of zero. Since the operating cash flow was written in terms of price, the price now can be found. Debt Valuation While debt may be issued at a particular face value and coupon rate, the debt value changes as market interest rates change. The debt can be valued by determining the present value of the cash flows, discounting the coupon payments at the market rate of interest for debt of the same duration and rating. The final periods cash flow will include the final coupon payment and the face value of the bond. Investment Decision If the unlevered NPV of a project is negative, aside from potential strategic benefits, the project is destroying value, even if the levered NPV is positive. The firm always could benefit from the tax shield of debt by borrowing money and putting it to other uses such as stock buybacks. Optimal Capital Structure The total value of a firm is the sum of the value of its equity and the value of its debt. The optimal capital structure is the amount of debt and equity that maximizes the value of the firm. Share Buyback If a firm has extra cash on hand it may choose to buy back some of its outstanding shares. One interesting aspect of such transactions is that they can be based on information that the firm has that the market does not have. Therefore, a share buyback could serve as a signal that the share price has potential to rise at above average rates. Mergers and Acquisitions Companies may combine for direct financial reasons or for non-financial ones such as expanding a product line. The target firm usually is acquired at a premium to its market value, with the hope that synergies from the merger will exceed the price premium. Mergers and acquisitions do not always achieve their goals, as promised synergies may fail to materialize. Appendix A Income Statement: Income Statement ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on (12 Months) 31-Dec-11 ÂÂ   31-Dec-10 ÂÂ   31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Profit / Loss A/C Rs. Mn. %OI Rs. Mn. %OI Rs. Mn. %OI Net Sales 2411.81 95.38 2138.62 97.69 1630.73 97.89 Operating Income (OI) 2528.73 100 2189.14 100 1665.81 100 OPBDIT 351.82 13.91 247.76 11.32 296.01 17.77 OPBDT 293.12 11.59 156.62 7.15 202.46 12.15 OPBT 193.35 7.65 62.66 2.86 116.84 7.01 Non-Operating Income 2.29 0.09 5.03 0.23 1.67 0.1 Extraordinary/Prior Period -1.4 -0.06 0 0 0 0 Tax 51.5 2.04 2.53 0.12 13.59 0.82 Profit After Tax (PAT) 142.74 5.64 65.16 2.98 104.92 6.3 Cash Profit 242.51 9.59 159.11 7.27 190.54 11.44 Dividend-Equity 35.17 1.39 26.38 1.2 26.38 1.58 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Balance Sheet: Balance Sheet ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on 31-Dec-11 ÂÂ   31-Dec-10 ÂÂ   31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Assets Rs. Mn. %BT Rs. Mn. %BT Rs. Mn. %BT Gross Block 2065.86 80.17 1924.58 80.09 1762.46 76.77 Net Block 1359.8 52.77 1314.63 54.71 1244.93 54.22 Capital WIP 139.77 5.42 148.98 6.2 183.43 7.99 Investments 0.45 0.02 0.45 0.02 0.45 0.02 Inventory 370.11 14.36 348.81 14.52 313.3 13.65 Receivables 600.92 23.32 485.89 20.22 470.62 20.5 Other Current Assets 105.95 4.11 104.11 4.33 83.17 3.62 Balance Sheet Total 2577.01 100 2402.87 100 2295.9 100 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Liabilities Rs. Mn. %BT Rs. Mn. %BT Rs. Mn. %BT Equity Share Capital 175.86 6.82 175.86 7.32 175.86 7.66 Reserves 826.2 32.06 1004.83 41.82 968.92 42.2 Total Debt 475.91 18.47 452.42 18.83 572.78 24.95 Creditors and Acceptances 610.08 23.67 579 24.1 443.08 19.3 Other current liab/prov. 488.97 18.97 190.77 7.94 135.27 5.89 Balance Sheet Total 2577.01 100 2402.87 100 2295.9 100 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Ratio Analysis: Ratio Analysis ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on 31-Dec-11 31-Dec-10 31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   OPBIT / Prod. Cap. Empl. (%) 18.85 10.37 13.72 PBIT / Capital Employed (%) 18.9 10.7 13.82 PAT / Networth (%) 14.24 5.52 9.17 Tax / PBT (%) 26.51 3.74 11.47 Total Debt / Networth 0.47 0.38 0.5 Long Term Debt / Networth 0.4 0.34 0.36 PBDIT / Finance Charges 6.01 2.77 3.18 Current Ratio 0.98 1.22 1.5 RM Inventory (Days Consumption) 42.85 39.92 59.39 FG inventory (Days Cost of Sales) 24.33 27.3 30.32 Receivables (Days Gross Sales) 79.7 72.61 93.1 Creditors (Days Cost of Sales) 102.29 108.86 118.06 Op. Current Assets (Days OI) 155 156 190 ÂÂ   ÂÂ   ÂÂ   ÂÂ   Detailed Ratio Analysis (For Two Financial Years): Ratios Analysis Kamal PVC Industries (Pvt) Limited Comparison 31-Dec-11 31-Dec-10 Profitability Ratios ÂÂ   ÂÂ   OPBIT/Productive Capital Employed (%) 18.85 10.37 ROCE (%) 23.8 15.17 RONW (%) 14.24 5.52 TAX/PBT (%) 26.51 3.74 Gross Profit Margin (%) 7.65 2.86 Net Profit Margin (%) 5.64 2.98 Operating Profit Margin (%) 13.91 11.32 Dividend Payout Ratio (%) 24.64 40.48 Dividend/Operating Cash Flow (%) 14.5 16.58 Leverage Ratios ÂÂ   ÂÂ   Debt Equity Ratio (Times) 0.47 0.38 LTD/NW (Times) 0.4 0.34 Liquidity Ratios ÂÂ   ÂÂ   Current Ratio (Times) 0.98 1.22 Flow Ratio (Times) 0.21 0.38 Cash/CA (%) 50.89 35.1 Cash/CL (%) 22.07 20.67 PBDIT/Finance Charges (Times) 6.01 2.77 Activity Ratios ÂÂ   ÂÂ   RM Inventory (Days Consumption) 42.85 39.92 FG Inventory (Days Cost of Sales) 24.33 27.3 Receivables (Days Gross Sales) 79.7 72.61 Creditors (Days Cost of Sales) 102.29 108.86 Op.Curr.Assets (Days OI) 155 156 Working Capital (Net of Cash) (Rs Mn) -622.53 -316.39 Working Capital Cycle (Days OI) -4.06 -6.92 Growth Ratios ÂÂ   ÂÂ   Growth in Total Income (%) 14.16 31.28 CAG in Total Income (3 periods)(%) 14.44 20.37 Growth in Gross Profits (%) 208.57 -46.37 CAG in Gross Profits (3 Periods) (%) 18.28 17.57 Growth in Net Profits (%) 119.07 -37.9 CAG in Net Profits (3 Periods) (%) 10.81 22.67 Growth in Net Profits- (projected) (%) 0 0 Growth in Operating Profits (%) 42 -16.3 CAG in Operating Profits (3 Periods) (%) 5.93 3.65 Cash Flow Forex Details ÂÂ   ÂÂ   Forex Exchg Earnings/ForexOutflow (Times) 0.29 0.4 Forex Earnings /OI (%) 1.69 2.06

A Journey through War Free Essays

The 3rd of September has brought many changes to my life that will shape the course of my future for years to come. I have signed up to Join the United States Army and will soon be leaving to fght in the war against Great Britain. The war was officially declared on the 18th of June after President Madison was finally persuaded by the War Hawks to battle the British. We will write a custom essay sample on A Journey through War or any similar topic only for you Order Now Madison stated that â€Å"war with the British was inevitable† and then asked Congress to go to war a few months later. After the president’s declaration, I thought about Joining the war effort and was reminded of ll the cruel and outrageous actions that the British had performed against the United States. For many years now, The British have been violating our neutral rights and blocking off the French coast from American trading ships. In addition, the British have also been supporting and giving arms to Indian tribes that raid American cities along the Northwest Territory and block expansion into the west. Lastly and most importantly, the British scum have been practicing the horrid act of impressment on American ships and have been kidnapping thousands of American ailors in the search for Navvy deserters. After reflecting over all of these things, I couldn’t help but become overcome with rage and anger. At that very moment, I swore to fght for the army and vowed to claim revenge for Britain’s actions. I also promised to avenge all of those who had been impressed by the British Navvy and killed in Indian raids. The British have offended and taken advantage of our nation for long enough. It is time to act and show the Brits that we will no longer tolerate their behavior. August 15, 1812 The war has gotten off to a bad start. A few days after I was accepted into the US army and placed under the command of General William Henry Harrison, Congress had ordered for an attack on the British colony of Canada. Thus, we set out from our fort in Detroit and began marching towards Canada. This was going to be my very first battle and I was very anxious to get my first taste of war. I was confident in my fellow soldiers and believed that victory would be unproblematic and straightforward. However, as we marched to our destination, we were met by the British and a group of Native American warriors who were led by Tecumseh. Our general feared the Indian’s vicious war tactics and knew that we would certainly face heavy losses if we engaged the British force. That day we were forced to shamefully surrender Fort Detroit and retreat. After our humiliating defeat, morale among my fellow soldiers was drastically low and we soon began developing doubts about victory. A few weeks later, we yet again attempted to invade Canada, but were once again defeated. After our two defeats, morale was at an all-time low and the only thing that even vaguely cheered us up, was the mention of the USS Constitution. The hip had managed to defeat the British vessel, Guerriere and was nicknamed â€Å"Old Ironsides† when a shot bounced off its hull during battle. It was one the few victories that was heard about in a sea of losses. P. S. I shall not see war for a very long time control over Lake Erie. October 16, 1813 Today is a glorious day and my fellow soldiers and I are relishing a satisfying victory against the British and their Native American allies. It all started on September 10th, 1813, when Oliver Hazard Perry assembled a fleet of military ships and engaged the British naw in Lake Erie. After a long and bloody battle, the American fleet prevailed and Oliver Perry, watching the battle from Put-in-Bay, Ohio sent General Harrison the message, â€Å"We have met the enemy and they are ours. † With Lake Erie under American control, the British frantically evacuated Fort Detroit and hastily headed back for safety in Canada, but in the end, we were able to intercept their troops and force them to wage war. On October 5th, 1813, we fought the British and their Native American allies in the Battle of Thames. At the end of the bloody battle, we had defeated the enemy force and had managed to kill Tecumseh, he Native American leader who had aided the British in the war. Our luck did not end here, however. A few days after our victory in the Battle of Thames, we attacked the Canadian town of York and set fire to the parliament buildings. After these victories, morale among my fellow soldiers was higher than ever before and we soon grew confident in victory over the British. August 25, 1814 Yesterday was a sad, sad day in American history that I will never forget for as long as I live. Just a couple of months ago, my fellow soldiers and I had enjoyed a heightened sense of confidence in our chance of victory. We believed that as long as the British were still at war with the French, they would not be able to send the majority of their troops to America and would thus, not be able to pose a large threat. However, several months later, we got news that Britain had managed to defeat the French and their brilliant military leader, Napoleon Bonaparte. With the French out of the way, the British were able to concentrate their military efforts on the war with America and were ready launch an attack. On August 24, 1814, British ships sailed into Chesapeake Bay and unloaded 5,000 troops (led by Major General Robert Ross) hat were headed directly for the nation’s heart, Washington, DC. As the British marched towards the capitol, President Madison hastily ordered for the concentration of all nearby troops and the safekeeping of American documents such as the Constitution, the Declaration of Independence, and George Washington’s Correspondence. In the Battle of Bladensburg, the recently assembled American defenders tried to hold off the large British attack force, but they were quickly overpowered by the well-trained enemy soldiers. As the British continued to advance towards the capitol, Dolley Madison, the first lady (which I am quite fond of) mazingly risked her life in order to selflessly save President Washington’s painting. She was among the last to evacuate the White House. Moments after Dolleys daring act, the British scoundrels barbarically raided and burned important government buildings such as the Capitol and Library of Congress. The British scum also burned down President Madison’s home, the White House, a structure that has long been a symbol of freedom and independence for the American people. There seemed to be nothing we could do to protect the city, but fortunately, as if by the will of god, a iolent hurricane and tornado extinguished the fires and drove the British soldiers back to Benedict. After hearing this shocking story, my dislike for the British turned British again and will try to defend the city of Baltimore which is believed to be the next target for the British troops. September 21, 1814 The month of September has brought two glorious victories to the American people and has provided us with revenge for the burning of Washington. The first victory took place in the city of Baltimore. In the city of Baltimore, American troops were strengthening Fort McHenry for the upcoming British siege while my squad and I were helping fortify the city for the impending land based attack. While doing my work, I recall seeing a large and magnificent American flag hanging over the fort. I later learned that the majestic â€Å"Star Spangled Banner Flag† had been sewed by Mary Young Pickersgill on General George Armistead’s orders. The British were advancing towards the city quickly and we needed more time to reinforce our defenses. Thus, it was decided that a group of soldiers led by General John Stricker would be sent out to buy time for the Americans. On September 12, 1814, John Stricker’s and Robert Ross’s forces fought each other in the Battle of North Point. Although they lost the battle, they had bought us time and had even managed to kill Major General Robert Ross. When the British land force arrived, we were ready for them and were able to hold them back easily. Meanwhile, in Fort McHenry, American soldiers were desperately trying to hold off the British naw and keep the fort alive. If this fort fell to the British, the city might have been destroyed and the war might have fallen into their hands. The American defenders however held firm and after 25 hours of bombardment from the British avy, the Brits finally gave up their assault and retreated. After the long, tiresome fght, we celebrated our amazing victory and shouted into the air. During this period of celebration, Francis Scott Key who had seen the whole battle from his ship and was deeply moved by it wrote the poem â€Å"Defense of Fort McHenry’. The poem was set to the tune of a popular British drinking song and was distributed throughout Baltimore on hand bills. While we celebrated our victory in Baltimore, General Sir George Prevost and his 10,000 British troops departed from Canada and attacked New York in the hopes of apturing the seaside city of Plattsburgh. The attack was easily thwarted when a group of American warships on Lake Champlain defeated the British flotilla. The British realized that control over the lake gave the Americans an advantage over their force and they were required to retreat back to Canada. January 15, 1815 The year of 181 5 has brought the American people another outstanding military victory and the end of a long and tiring war. After being defeated in the Battle of Lake Chaplain, the British realized that war with the USA was detrimental and was simply not worth the effort. On December 24, 1814, Britain and America signed a peace treaty in Ghent, Belgium which officially ended the war between the two nations. However, news of the treaty traveled too slowly and troops were not informed of the war’s end quickly enough. Thus, on January 8, 181 5, the British and Americans engaged in one last gruesome battle at New Orleans. In the battle, Andrew Jackson’s 4,000 American ragtag defenders were heavily outnumbered by the 10,000 British troops. However, the British forgot to bring scaling ladders and by simply staying behind earthen defenses and shooting from behind bales of cotton, Jackson Orleans was saved and Jackson became a national hero. After the ending of the war and the victory at New Orleans, people throughout the nation were feeling proud and honored to be an American. In addition, many Americans started to feel an improved sense of patriotism and nationalism. I myself felt proud to be a part of such a great nation. In a matter of a few years, our young country had grown strong enough to defeat the British army and had even gained the respect of other, much older nations. I believe that this war will define the American people for many years to come. How to cite A Journey through War, Papers

Londan underground free essay sample

TheLondon Undergroundis a tube system functioning a big portion of Greater London and neighboring countries of Essex, Hertfordshire and Buckinghamshire in the UK. It is the universe s oldest belowground railroad. It was besides the first belowground railroad to run electric trains. It is normally referred to as the Undergroundor the Tube # 8212 ; the latter derivation from the form of the system s deep-bore tunnels # 8212 ; although about 55 % of the web is above land. The earlier lines of the present London Underground web, which were built by assorted private companies, became portion of an integrated conveyance system ( which excluded the chief line railroads ) in 1933 with the creative activity of the London Passenger Transport Board ( LPTB ) , more normally known by its shortened name: London Transport . The belowground web became a individual entity when London Underground Limited ( LUL ) was formed by the UK authorities in 1985. Since 2003 LUL has been a entirely owned subordinate of Transport for London ( TfL ) , the statutory corporation responsible for most facets of the conveyance system in Greater London, which is run by a board and a commissioner appointed by the Mayor of London. The Underground has 270 Stationss and about 400 kilometers ( 250 stat mis ) of path, doing it the longest tube system in the universe by path length, [ 6 ]and one of the most served in footings of Stationss. In 2007, over one billion rider journeys were recorded. The tubing map, with its conventional non-geographical layout and colour-coded lines, is considered a design authoritative, and many other conveyance maps worldwide have been influenced by it. History History Chief article: History of the London Underground Railway building in the United Kingdom began in the early nineteenth century. By 1854 six separate railroad terminuss had been built merely outside the Centre of London: London Bridge, Euston, Paddington, King s Cross, Bishopsgate and Waterloo. At this point, merely Fenchurch Street Station was located in the existent City of London. Traffic congestion in the metropolis and the environing countries had increased significantly in this period, partially due to the demand for rail travelers to finish their journeys into the metropolis Centre by route. The thought of constructing an belowground railroad to associate the City of London with the mainline terminuss had foremost been proposed in the 1830s, but it was non until the 1850s that the thought was taken earnestly as a solution to the traffic congestion jobs. The first resistance railways The first resistance railroads In 1854 an Act of Parliament was passed O.K.ing the building of an belowground railroad between Paddington Station and Farringdon Street via King s Cross which was to be called the Metropolitan Railway. The Great Western Railway ( GWR ) gave fiscal backup to the undertaking when it was agreed that a junction would be built associating the belowground railroad with their mainline end point at Paddington. GWR besides agreed to plan particular trains for the new subterraneous railroad. Construction was delayed for several old ages due to a deficit of financess. The fact that this undertaking got under manner at all was mostly due to the lobbying of Charles Pearson, who was Solicitor to the City of London Corporation at the clip. Pearson had supported the thought of an belowground railroad in London for several old ages. He advocated programs for the destruction of the unhygienic slums which would be replaced by new adjustment for their dwellers in the suburbs, with the new railroad supplying transit to their topographic points of work in the metropolis Centre. Although he was neer straight involved in the running of the Metropolitan Railway, he is widely credited as being one of the first true visionaries behind the construct of belowground railroads. And in 1859 it was Pearson who persuaded the City of London Corporation to assist fund the strategy. Work eventually began in February 1860, under the counsel of head applied scientist John Fowler. Pearson died before the work was completed. The Metropolitan Railway opened on 10 January 1863. [ 4 ]Within a few months of opening it was transporting over 26,000 riders a twenty-four hours. [ 8 ]The Hammersmith and City Railway was opened on 13 June 1864 between Hammersmith and Paddington. Services were ab initio operated by GWR between Hammersmith and Farringdon Street. By April 1865 the Metropolitan had taken over the service. On 23 December 1865 the Metropolitan s eastern extension to Moorgate Street opened. Later in the decennary other subdivisions were opened to Swiss Cottage, South Kensington and Addison Road, Kensington ( now known as Kensington Olympia ) . The railroad had ab initio been double gage, leting for the usage of GWR s signature wide gage turn overing stock and the more widely used standard gage stock. Disagreements with GWR had forced the Metropolitan to exchange to standard gage in 1863 after GWR withdrew all its stock from the railroad. These differences were subsequently patched up, nevertheless wide g age was wholly withdrawn from the railroad in March 1869. On 24 December 1868, the Metropolitan District Railway began runing services between South Kensington and Westminster utilizing Metropolitan Railway trains and passenger cars. The company, which shortly became known as the District , was foremost incorporated in 1864 to finish an Inner Circle railroad around London in concurrence with the Metropolitan. This was portion of a program to construct both an Inner Circle line and Outer Circle line around London. A ferocious competition shortly developed between the District and the Metropolitan. This badly delayed the completion of the Inner Circle undertaking as the two companies competed to construct far more financially moneymaking railroads in the suburbs of London. The London and North Western Railway ( LNWR ) began running their Outer Circle service from Broad Street via Willesden Junction, Addison Road and Earl s Court to Mansion House in 1872. The Inner Circle was non completed until 1884, with the Metropolitan and the District jointly running services. In the interim, the District had finished its path between West Brompton and Blackfriars in 1870, with an interchange with the Metropolitan at South Kensington. In 1877, it began running its ain services from Hammersmith to Richmond, on a line which had originally opened by the London A ; South Western Railway ( LSWR ) in 1869. The District so opened a new line from Turnham Green to Ealing in 1879 [ 9 ]and extended its West Brompton subdivision to Fulham in 1880. Over the same decennary the Metropolitan was extended to Harrow-on-the-Hill station in the north-west. The early tunnels were dug chiefly utilizing cut-and-cover building methods. This caused widespread break and required the destruction of several belongingss on the surface. The first trains were steam-hauled, which required effectual airing to the surface. Ventilation shafts at assorted points on the path allowed the engines to throw out steam and convey fresh air into the tunnels. One such blowhole is at Leinster Gardens, W2. [ 10 ]In order to continue the ocular features in what is still a comfortable street, a five-foot-thick ( 1.5 m ) concrete fa # 231 ; fruit drink was constructed to resemble a echt house frontage. On 7 December 1869 the London, Brighton and South Coast Railway ( LB A ; SCR ) started runing a service between Wapping and New Cross Gate on the East London Railway ( ELR ) utilizing the Thames Tunnel designed by Marc Brunel, who designed the radical tunnelling shield method which made its building non merely possible, but safer, and completed by his boy Isambard Kingdom Brunel. This had opened in 1843 as a prosaic tunnel, but in 1865 it was purchased by the ELR ( a pool of six railroad companies: the Great Eastern Railway ( GER ) ; London, Brighton and South Coast Railway ( LB A ; SCR ) ; London, Chatham and Dover Railway ( LCDR ) ; South Eastern Railway ( SER ) ; Metropolitan Railway ; and the Metropolitan District Railway ) and converted into a railroad tunnel. In 1884 the District and the Metropolitan began to run services on the line. By the terminal of the 1880s, belowground railroads reached Chesham on the Metropolitan, Hounslow, Wimbledon and Whitechapel on the District and New Cross on the East London Railway. By the terminal of the nineteenth century, the Metropolitan had extended its lines far outside of London to Aylesbury, Verney Junction and Brill, making new suburbs along the path # 8212 ; subsequently publicised by the company as Metro-land. Right up until the 1930s the company maintained aspirations to be considered as a chief line instead than an urban railroad. The first tubing lines The first tubing lines Following progresss in the usage of burrowing shields, electric grip and deep-level tunnel designs, subsequently railroads were built even further underground. This caused much less break at land degree and it was hence cheaper and preferred to the cut-and-cover building method. The City A ; South London Railway ( C A ; SLR, now portion of the Northern Line ) opened in 1890, between Stockwell and the now closed original end point at King William Street. It was the first deep-level electrically operated railroad in the universe. By 1900 it had been extended at both terminals, to Clapham Common in the South and Moorgate Street ( via a recreation ) in the North. The 2nd such railroad, the Waterloo and City Railway, opened in 1898. It was built and run by the London and South Western Railway. On 30 July 1900 the Central London Railway ( now known as the Central Line ) was opened, runing services from Bank to Shepherd s Bush. It was nicknamed the Twopenny Tube for its level menu and cylindrical tunnels ; the tubing moniker was finally transferred to the Underground system as a whole. An interchange with the C A ; SLR was provided at Bank. Construction had besides begun in August 1898 on the Baker Street A ; Waterloo Railway. However work on this railroad came to a arrest 18 months after it began when financess ran out. Integration Integration In the early twentieth century the presence of six independent operators running different Underground lines caused riders significant incommodiousness ; in many topographic points riders had to walk some distance above land to alter between lines. The costs associated with running such a system were besides heavy, and as a consequence many companies looked to moneymans who could give them the money they needed to spread out into the moneymaking suburbs every bit good as electrify the earlier steam operated lines. The most outstanding of these was Charles Yerkes, an American baron who secured the right to construct the Charing Cross, Euston and Hampstead Railway ( CCE A ; HR ) on 1 October 1900. In March 1901, he efficaciously took control of the District and this enabled him to organize the Metropolitan District Electric Traction Company ( MDET ) on 15 July. Through this he acquired the Great Northern A ; Strand Railway and the Brompton A ; Piccadilly Circus Railway in September 1901, the building of which had already been authorised by Parliament, together with the moribund Baker Street A ; Waterloo Railway in March 1902. On 9 April the MDET evolved into the Underground Electric Railways of London Company Ltd ( UERL ) . The UERL besides owned three ropeway companies and went on to purchase the London General Omnibus Company, making an administration conversationally known as the Combine which went on to rule belowground railroad building in London until the 1930s. With the fiscal backup of Yerkes, the District opened its South Harrow subdivision in 1903 and completed its nexus to the Metropolitan s Uxbridge subdivision at Rayners Lane in 1904 # 8212 ; although services to Uxbridge on the District did non get down until 1910 due to yet another dissension with the Metropolitan. By the terminal of 1905, all District Railway and Inner Circle services were run by electric trains. The Baker Street A ; Waterloo Railway opened in 1906, shortly branding itself the Bakerloo, and by 1907 it had been extended to Edgware Road in the North and Elephant A ; Castle in the South. The freshly named Great Northern, Piccadilly and Brompton Railway, uniting the two undertakings acquired by MDET in September 1901, besides opened in 1906. With tunnels at an impressive deepness of 200 pess below the surface, it ran from Finsbury Park to Hammersmith ; a individual station subdivision to Strand ( subsequently renamed Aldwych ) was added in 1907. In the same twelvemonth the CCE A ; HR opened from Charing Cross to Camden Town, with two northbound subdivisions, one to Golders Green and one to Highgate ( now Archway ) . Independent ventures did go on in the early portion of the twentieth century. The independent Great Northern A ; City Railway opened in 1904 between Finsbury Park and Moorgate. It was the lone tubing line of sufficient diameter to be capable of managing chief line stock, and it was originally intended to be portion of a chief line railroad. However money shortly ran out and the path remained separate from the chief line web until the seventiess. The C A ; SLR was besides extended due norths to Euston by 1907. In early 1908, in an attempt to increase rider Numberss, the belowground railroad operators agreed to advance their services jointly as the Underground , printing new adverts and making a free promotion map of the web for the intent. The map featured a cardinal labelling the Bakerloo Railway, the Central London Railway, the City A ; South London Railway, the District Railway, the Great Northern A ; City Railway, the Hampstead Railway ( the shortened name of the CCE A ; HR ) , the Metropolitan Railway and the Piccadilly Railway. Some other railroads appeared on the map but with less prominence than the aforesaid lines. These included portion of the ELR ( although the map was nt large plenty to suit in the whole line ) and the Waterloo and City Railway. As the latter was owned by a chief line railroad company it was nt included in this early stage of integrating. As portion of the procedure, The Underground name appeared on Stationss for the first clip and electric ticket-issuin g machines were besides introduced. This was followed in 1913 by the first visual aspect of the celebrated circle and horizontal saloon symbol, known as the roundel , [ 12 ]designed by Edward Johnston. On 1 January 1913 the UERL absorbed two other independent tubing lines, the C A ; SLR and the Central London Railway. As the Combine expanded, merely the Metropolitan stayed off from this procedure of integrating, retaining its aspiration to be considered as a chief line railroad. Proposals were put frontward for a amalgamation between the two companies in 1913 but the program was rejected by the Metropolitan. In the same twelvemonth the company asserted its independency by purchasing out the hard currency strapped Great Northern and City Railway. It besides sought a character of its ain. The Metropolitan Surplus Lands Committee had been formed in 1887 to develop adjustment alongside the railroad and in 1919 Metropolitan Railway Country Estates Ltd. was founded to capitalize on the post-World War One demand for lodging. This ensured that the Metropolitan would retain an independent image until the creative activity of London Transport in 1933. The Metropolitan besides sought to electrify its lines. The District and the Metropolitan had agreed to utilize the low electromotive force District of Columbia system for the Inner Circle, consisting two electric tracks to power the trains, back in 1901. At the start of 1905 electric trains began to work the Uxbridge subdivision and from 1 November 1906 electric engines took trains every bit far as Wembley Park where steam trains took over. This conversion point was moved to Harrow on 19 July 1908. The Hammersmith A ; City subdivision had besides been upgraded to electric working on 5 November 1906. The electrification of the ELR followed on 31 March 1913, the same twelvemonth as the gap of its extension to Whitechapel and Shoreditch. Following the Grouping Act of 1921, which merged all the hard currency strapped chief line railroads into four companies ( therefore killing the original pool that had built the ELR ) , the Metropolitan agreed to run rider services on the line. The Bakerloo line extension to Queen s Park was completed in 1915, and the service extended to Watford Junction via the London and North Western Railway paths in 1917. The extension of the Central line to Ealing Broadway was delayed by the war until 1920. The major development of the 1920s was the integrating of the CCE A ; HR and the C A ; SLR and extensions to organize what was to go the Northern line. This necessitated expansion of the older parts of the C A ; SLR, which had been built on a modest graduated table. The integrating required impermanent closings during 1922 # 8212 ; 24. The Golders Green subdivision was extended to Edgware in 1924, and the southern terminal was extended to Morden in 1926. The Watford subdivision of the Metropolitan opened in 1925 and in the same twelvemonth electrification was extended to Rickmansworth. The last major work completed by the Metropolitan was the subdivision to Stanmore which opened in 1932. By 1933 the Combine had completed the Cockfosters subdivision of the Piccadilly Line, with through services running ( via realigned paths between Hammersmith and Acton Town ) to Hounslow West and Uxbridge. London Transport London Transport In 1933 the Combine, the Metropolitan and all the municipal and independent coach and tram projects were merged into the London Passenger Transport Board ( LPTB ) , a self-supporting and unsubsidised public corporation which came into being on 1 July 1933. The LPTB shortly became known as London Transport ( LT ) . Shortly after it was created, LT began the procedure of incorporating the belowground railroads of London into one web. All the separate railroads were given new names in order to go lines within it. A free map of these lines, designed by Harry Beck, was issued in 1933. It featured the District Line, the Bakerloo Line, the Piccadilly Line, the Edgware, Highgate and Morden Line, the Metropolitan Line, the Great Northern A ; City Line, the East London Line and the Central London Line. Normally regarded as a design classic, an updated version of this map is still in usage today. The Waterloo A ; City line was non included in this map as it was still owned by a chief line railroad ( the Southern Railway since 1923 ) and non LT. LT announced a strategy for the enlargement and modernization of the web entitled the New Works Programme, which had followed the proclamation of betterment proposals for the Metropolitan Line. This consisted of programs to widen some lines, to take over the operation of others from main-line railroad companies, and to electrify the full web. During the 1930s and 1940s, several subdivisions of main-line railroads were converted into surface lines of the Underground system. The oldest portion of today s Underground web is the Central line between Leyton and Loughton, which opened as a railroad seven old ages before the Underground itself. LT besides sought to abandon paths which made a important fiscal loss. Soon after the LPTB started operating, services to Verney Junction and Brill on the Metropolitan Railway were stopped. The renamed Metropolitan Line end point was moved to Aylesbury. The eruption of World War II delayed all the enlargement strategies. From mid-1940, the Blitz led to the usage of many Underground Stationss as shelters during air foraies and overnight. The governments ab initio tried to deter and forestall this, but subsequently supplied bunks, latrines, and providing installations. Subsequently in the war, eight London deep-level shelters were constructed under Stationss, apparently to be used as shelters ( each deep-level shelter could keep 8,000 people ) though programs were in topographic point to change over them for a new express line analogue to the Northern line after the war. Some Stationss ( now largely disused ) were converted into authorities offices: for illustration, Down Street was used for the central office of the Railway Executive Committee and was besides used for meetings of the War Cabinet before the Cabinet War Rooms were completed ; Brompton Road was used as a control room for anti-aircraft guns and the remains of the surface edifice are still used by London s University Royal Naval Unit ( URNU ) and University London Air Squadron ( ULAS ) . After the war one of the last Acts of the Apostless of the LPTB was to give the green light for the completion of the postponed Central Line extensions. The western extension to West Ruislip was completed in 1948, and the eastern extension to Epping in 1949 ; the single-line subdivision from Epping to Ongar was taken over and electrified in 1957. Nationalization Nationalization On 1 January 1948 London Transport was nationalised by the incumbent Labour authorities, together with the four staying chief line railroad companies, and incorporated into the operations of the British Transport Commission ( BTC ) . The LPTB was replaced by the London Transport Executive ( LTE ) . This brought the Underground under the remit of cardinal authorities for the first clip in its history. The execution of nationalised railroads was a move of necessity every bit good as political orientation. The chief line railroads had struggled to get by with a war economic system in the First World War and by the terminal of World War Two the four staying companies were on the brink of bankruptcy. Nationalization was the easiest manner to salvage the railroads in the short term and supply money to repair war clip harm. The BTC needfully prioritised the Reconstruction of its chief line railroads over the care of the Underground web. The unfinished parts of the New Works Programme were bit by bit shelved or postponed. However the BTC did empower the completion of the electrification of the web, seeking to replace steam engines on the parts of the system where they still operated. This stage of the programme was completed when the Metropolitan Line was electrified to Chesham in 1960. Steam engines were to the full withdrawn from London Underground rider services on 9 September 1961, when British Railwaies took over the operations of the Metropolitan line between Amersham and Aylesbury. The last steam shunting and cargo engine was withdrawn from service in 1971. [ 14 ] In 1963 the LTE was replaced by the London Transport Board, straight accountable to the Ministry of Transport. GLC Control On 1 January 1970, the Greater London Council ( GLC ) took over duty for London Transport. This period is possibly the most controversial in London s conveyance history, characterised by staff deficits and a terrible deficiency of support from cardinal authorities. In 1980 the Labour-led GLC began the Fares Fair undertaking, which increased local revenue enhancement in order to lower ticket monetary values. The run was ab initio successful and use of the Tube significantly increased. But serious expostulations to the policy came from the London Borough of Bromley, an country of London which has no Underground Stationss. The Council resented the subsidy as it would be of small benefit to its occupants. The council took the GLC to the Law Lords who ruled that the policy was illegal based on their reading of the Transport ( London ) Act 1969. They ruled that the Act stipulated that London Transport must be after, every bit far as was possible, to interrupt even. In line with this opini on, Fares Fair was hence reversed, taking to a 100 % addition in menus in 1982 and a subsequent diminution in rider Numberss. The dirt prompted Margaret Thatcher s Conservative Government to take the Underground from the GLC s control in 1984, a development that turned out to be a preliminary to the abolishment of the GLC in 1986. However the period saw the first existent post-war investing in the web with the gap of the carefully planned Victoria Line, which was built on a diagonal northeast-southwest alliance beneath Central London, integrating centralized signalling control and automatically goaded trains. It opened in phases between 1968 and 1971. The Piccadilly line was extended to Heathrow Airport in 1977, and the Jubilee line was opened in 1979, taking over portion of the Bakerloo line, with new tunnels between Baker Street and Charing Cross. There was besides one of import bequest from the Fares Fair strategy, the debut of ticket zones, which remain in usage today. London Regional Transport London Regional Transport In 1984 Margaret Thatcher s Conservative Government removed London Transport from the GLC s control, replacing it with London Regional Transport ( LRT ) on 19 June 1984 a statutory corporation for which the Secretary of State for Transport was straight responsible. The Government planned to modernize the system while cut downing its subsidy from taxpayers and ratepayers. As portion of this scheme London Underground Limited was set up on 1 April 1985 as a entirely owned subordinate of LRT to run the web. The forecast for LRT was good. Oliver Green, the so Curator of the London Transport Museum, wrote in 1987: In its first one-year study, London Underground Ltd was able to denote that more riders had used the system than of all time before. In 1985-86 the Underground carried 762 million riders good above its old record sum of 720 million in 1948. At the same clip costs have been significantly reduced with a new system of train inspection and repair and the debut of more driver-only operation. Work is good in manus on the transition of station booking offices to take the new Underground Ticketing System ( UTS ) and prototype tests for the following coevals of tubing trains ( 1990 ) stock started in late 1986. As the London Underground celebrates its hundred-and-twenty-fifth day of remembrance in 1988, the hereafter looks assuring. [ 15 ] However cost-cutting was non without its critics. At 19:30 on 18 November 1987 a fire swept through King s Cross St Pancras Undeground station, the busiest station on the web, killing 31 people. It subsequently turned out that the fire had started in an escalator shaft functioning the Piccadilly Line, which was burnt out along with the top degree ( entrywaies and ticket hall ) of the deep-level tubing station. The escalator on which the fire started had been built merely before World War II. The stairss and sides of the escalator were partially made of wood, intending that they burned rapidly and easy. Although smoke was banned on the subsurface subdivisions of the London Underground in February 1985 ( a effect of the Oxford Circus fire ) , the fire was most likely caused by a commuter flinging a combustion lucifer, which fell down the side of the escalator onto the running path ( Fennell 1988, p. 111 ) . The running path had non been cleaned in some clip and was covered in lubricati ng oil and hempen debris. The Member of Parliament for the country, Frank Dobson, informed the House of Commons that the figure of transit employees at the station, which handled 200,000 riders every twenty-four hours at the clip, had been cut from 16 to ten, and the cleaning staff from 14 to two. [ 16 ]The tragic event led to the abolishment of wooden escalators at all Underground Stationss and pledges of greater investing. In 1994, with the denationalization of British Rail, LRT took control of the Waterloo and City line, integrating it into the Underground web for the first clip. This twelvemonth besides saw the terminal of services on the small used Epping-Ongar subdivision of the Central Line and the Aldwych subdivision of the Piccadilly Line after it was agreed that necessary care and upgrade work would non be cost effectual. In 1999 the Jubilee line extension to Stratford in London s East End was completed. This program included the gap of a wholly refurbished interchange station at Westminster. The Jubilee line s old terminal platforms at Charing Cross were closed but maintained operable for exigencies. Conveyance for London Transport for London Chief article: Conveyance for London Conveyance for London ( TfL ) was created in 2000 as the integrated organic structure responsible for London s conveyance system. It replaced London Regional Transport. It assumed control of London Underground Limited in July 2003. [ 21 ] TfL is portion of the Greater London Authority and is constituted as a statutory corporation regulated under local authorities finance regulations. [ 22 ]It has three subordinates: London Transport Insurance ( Guernsey ) Ltd. , the TfL Pension Fund Trustee Co. Ltd. and Transport Trading Ltd ( TTL ) . TTL has six wholly-owned subordinates, one of which is London Underground Limited. The TfL Board is appointed by the Mayor of London. The Mayor besides sets the construction and degree of public conveyance menus in London. However the daily running of the corporation is left to the Commissioner of Transport for London. The current Commissioner is Peter Hendy. [ 23 ] The Mayor is responsible for bring forthing an integrated conveyance scheme for London and for confer withing the GLA, TfL, local councils and others on the scheme. The Mayor is besides responsible for puting TfL s budget. The GLA is consulted on the Mayor s conveyance scheme, and inspects and approves the Mayor s budget. It is able to cite the Mayor and senior staff to account for TfL s public presentation. London TravelWatch, a organic structure appointed by and describing to the Assembly, deals with ailments about conveyance in London. Infrastructure Infrastructure Chief article: London Underground substructure Stations and lines Stations and lines The London Underground s 11 lines are the Bakerloo line, Central line, Circle line, District line, Hammersmith A ; City line, Jubilee line, Metropolitan line, Northern line, Piccadilly line, Victoria line, and Waterloo A ; City line. Until 2007 there was a 12th line, the East London line, but this has closed for transition work and will be transferred to the London Overground when it reopens in 2010. The Underground serves 268 Stationss by rail ; an extra six Stationss that were on the East London line are served by Underground replacing coachs. Fourteen Underground Stationss are outside Greater London, of which five ( Amersham, Chalfont A ; Latimer, Chesham, Chorleywood, Epping ) are beyond the M25 London Orbital motorway. Of the 32 London boroughs, six ( Bexley, Bromley, Croydon, Kingston, Lewisham and Sutton ) are non served by the Underground web, while Hackney merely has Old Street and Manor House on its boundaries. Zone 1 ( cardinal zone ) of the Underground ( and DLR ) web in a geographically more accurate layout than the usual Tube map, utilizing the same manner. Underground trains come in two sizes, larger subsurface trains and smaller tubing trains. A Metropolitan line A Stock train ( left ) passes a Piccadilly line 1973 Stock train ( right ) in the turnout at Rayners Lane Lines on the Underground can be classified into two types: subsurface and deep-level. The subsurface lines were dug by the cut-and-cover method, with the paths running approximately 5 m ( 16 ft 5 in ) below the surface. The deep-level or tubing lines, bored utilizing a tunnelling shield, run approximately 20 m ( 65 ft 7 in ) below the surface ( although this varies well ) , with each path in a separate tunnel. These tunnels can hold a diameter every bit little as 3.56 m ( 11 ft 8 in ) and the loading gage is therefore well smaller than on the subsurface lines. Lines of both types normally emerge onto the surface outside the cardinal country. While the tubing lines are for the most portion self-contained, the subsurface lines are portion of an interrelated web: each portions track with at least two other lines. The subsurface agreement is similar to the New York City Subway, which besides runs separate lines over shared paths. Rolling stock and electrification Rolling stock and electrification 1996 Stock trains at Stratford Market Depot The Underground uses turn overing stock built between 1960 and 2005. Stock on subsurface lines is identified by a missive ( such as A Stock, used on the Metropolitan line ) , while tube stock is identified by the twelvemonth in which it was designed ( for illustration, 1996 Stock, used on the Jubilee line ) . All lines are worked by a individual type of stock except the District line, which uses both C and D Stock. Two types of stock are presently being developed # 8212 ; 2009 Stock for the Victoria line and S stock for the subsurface lines, with the Metropolitan line A Stock being replaced foremost. Rollout of both is expected to get down about 2009. In add-on to the Electric Multiple Units described above, there is technology stock, such as ballast trains and brake new waves, identified by a 1-3 missive prefix so a figure. The Underground is one of the few webs in the universe that uses a four-rail system. The extra rail carries the electrical return that on third-rail and overhead webs is provided by the running tracks. On the Underground a top-contact 3rd rail is beside the path, energised at +420 V DC, and a top-contact 4th rail is centrally between the running tracks, at -210 V DC, which combine to supply a grip electromotive force of 630 V DC. In instances where the lines are shared with mainline trains which use a three-rail system, the 3rd rail is set at +630 V, and the forth rail at 0 V DC. Cooling Cooling In summer, temperatures on parts of the London Underground can go really uncomfortable due to its deep and ill ventilated tubing tunnels: temperatures every bit high as 47 C ( 117 F ) were reported in the 2006 European heat moving ridge. Posters may be observed on the Underground web reding that riders carry a bottle of H2O to assist maintain cool. Planned betterments and enlargements Planned betterments and enlargements There are many planned betterments to the London Underground. A new station opened on the Piccadilly line at Heathrow Airport Terminal 5 on 27 March 2008 and is the first extension of the London Underground since 1999.http: //en.wikipedia.org/wiki/London_Underground cite_note-28 Each line is being upgraded to better capacity and dependability, with new computerised signalling, automatic train operation ( ATO ) , track replacing and station renovation, and, where needed, new turn overing stock. A test programme for a groundwater chilling system in Victoria station took topographic point in 2006 and 2007 ; it aimed to find whether such a system would be executable and effectual if in widespread usage. A test of nomadic phone coverage on the Waterloo A ; City line purposes to find whether coverage can be extended across the remainder of the Underground web. Although non portion of London Underground, the Crossrail strategy will supply a new path across cardinal London integrated with the tubing web. The long proposed Chelsea-Hackney line, which is planned to get down operation in 2025, may be portion of the London Underground, which would intend it would give the web a new Northeast to South transverse London line to supply more interchanges with other lines and relieve overcrowding on other lines. However it is still on the pulling board. It was foremost proposed in 1901 and has been in be aftering since so. In 2007 the line was passed over to Cross London Rail Ltd, the current developers of Crossrail. Therefore, the line may be either portion of the London Underground web or the National Rail web. There are advantages and disadvantages for both. The Croxley Rail Link proposal envisages deviating the Metropolitan line Watford subdivision to Watford Junction station along a obsolete railroad path. The undertaking awaits funding from Hertfordshire County Council and the Department for Transport, and remains at the proposal phase. London Mayor Boris Johnson suggested he may be believing of widening the Bakerloo line to Lewisham, as South London lacks Underground lines. Traveling Traveling The Underground uses TfL s Travelcard zones to cipher menus. Greater London is divided into 6 zones ; Zone 1 is the most cardinal, with a boundary merely beyond the Circle line, and Zone 6 is the outermost and includes London Heathrow Airport. Stations on the Metropolitan line outside Greater London are in Zones 7-9. [ 34 ] Travelcard zones 7 # 8211 ; 9 besides use on the Euston-Watford Junction line ( portion of the London Overground ) every bit far as Watford High Street. Watford Junction is outside these zones and particular menus apply. There are staffed ticket offices, some unfastened for limited periods merely, and ticket machines useable at any clip. Some machines that sell a limited scope of tickets accept coins merely, other touch-screen machines accept coins and bills, and normally give alteration. These machines besides accept major recognition and debit cards: some newer machines accept cards merely. More late, TfL has introduced the Oyster card, a smartcard with an embedded contactless RFID bit, that travelers can obtain, charge with recognition, and utilize to pay for travel. Like Travelcards they can be used on the Underground, coachs, ropewaies and the Docklands Light Railway. The Oyster card is cheaper to run than hard currency ticketing or the older-style magnetic-strip-based Travelcards, and the Underground is promoting riders to utilize Oyster cards alternatively of Travelcards and hard currency ( on coachs ) by implementing important monetary value differences. Oyster-based Travelcards can be used on National Rail throughout London. Pay as you go is available on a restricted, but increasing, figure of paths. For tourers or other non-residents, non necessitating to go in the forenoon peak period, the all twenty-four hours travelcard is the best ticketing option available. These are available from any belowground station. These cost around # 163 ; 5.50 and let limitless travel on the web from 9:30am onwards for the remainder of the twenty-four hours. This provides first-class value for money and a immense economy sing one individual journey on the web can be near to # 163 ; 5. Travel cards for multiple yearss are besides available. Punishment menus and menu equivocation Penalty menus and menu equivocation In add-on to automatic and staffed ticket Gatess, the Underground is patrolled by both uniformed and plain-clothes ticket inspectors with handheld Oyster card readers. Passengers going without a ticket valid for their full journey are required to pay a # 163 ; 50 ( or # 163 ; 25 if paid within 21 yearss ) punishment menu and can be prosecuted for menu equivocation under the Regulation of Railways Act 1889 under which they are capable to a mulct of up to # 163 ; 1,000, or three months imprisonment. Oyster card pre-pay users who have failed to touch in at the start of their journey are charged the maximal hard currency menu ( # 163 ; 4, or # 163 ; 5 at some National Rail Stationss ) upon touching out. In add-on, an Oyster card user who has failed to touch in at the start of their journey and who is detected mid-journey ( i.e.on a train ) by an Inspector is now apt to a punishment menu of # 163 ; 50, which is reduced to # 163 ; 25 if paid within 21 yearss. No # 163 ; 4 maximal charge will be applied to their finish as the inspector will use an exit item to their card. While the Conditions of Carriage require period Travelcard holders to touch in and touch out at the start and terminal of their journey, any Oyster card user who has a valid period Travelcard covering their full journey is non apt to pay a Punishment menu where they have non touched in. Neither the Conditions of Carriage or Schedule 17 of the Greater London Authority Act 1999, which shows how and when Penalty fares can be issued, would let the issue of a Penalty menu to a traveler who had already paid the correct menu for their journey. Delaies Delaies Harmonizing to statistics obtained under the Freedom of Information Act, the mean commuter on the Metropolitan line wasted three yearss, 10 hours and 25 proceedingss in 2006 due to holds ( non including missed connexions ) . Between 17 September 2006 and 14 October 2006, figures show that 211 train services were delayed by more than 15 proceedingss. Passengers are entitled to a refund if their journey is delayed by 15 proceedingss or more due to fortunes within the control of TfL. Accessibility Accessibility Westminster station # 8212 ; extended constructions are required to back up Portcullis House above. Handiness by people with mobility jobs was non considered when most of the system was built, and most older Stationss are unaccessible to handicapped people. More recent Stationss were designed for handiness, but retrofitting handiness characteristics to old Stationss is at best prohibitively expensive and technically highly hard, and frequently impossible. Even when there are already escalators or lifts, there are frequently stairss between the lift or escalator landings and the platforms. Most Stationss on the surface have at least a short flight of stepss to derive entree from street degree, and the great bulk of below-ground Stationss require usage of stepss or some of the system s 410 escalators ( each traveling at a velocity of 145 foot ( 44 m ) per minute, about 1.65 miles per hour ( 3 kilometers per hour ) ) . There are besides some drawn-out walks and farther flights of stairss required to derive entree to platforms. The exigency steps at Covent Garden station have 193 stairss ( the equivalent mounting a 15-storey edifice ) to make the issue, [ 40 ]so riders are advised to utilize the lifts as mounting the stairss can be unsafe. The escalators in Underground Stationss include some of the longest in Europe, and all are made-to-order. The longest escalator is at Angel station, 60 m ( 197 foot ) long, with a perpendicular rise of 27.5 m ( 90 foot ) . [ 1 ]They run 20 hours a twenty-four hours, 364 yearss a twelvemonth, with 95 % of them operational at any one clip, and can get by with 13,000 riders per hr. Convention and signage stipulate that people utilizing escalators on the Underground base on the right-hand side so as non to blockade those who walk past them on the left. TfL produces a map bespeaking which Stationss are accessible, and since 2004 line maps indicate with a wheelchair symbol those Stationss that provide step-free entree from street degree. Step height from platform to train is up to 300 millimeter ( 11.8 in ) , and there can be a big spread between the train and curved platforms. Merely the Jubilee Line Extension is wholly accessible. TfL plans that by 2020 there should be a web of over 100 to the full accessible Stationss, consists of those late built or rebuilt, and a smattering of suburban Stationss that happen to hold flat entree, along with selected key Stationss , which will be rebuilt. These cardinal Stationss have been chosen due to high use, interchange potency, and geographic spread, so that up to 75 % of journeys will be accomplishable step-free. Overcrowding Overcrowding on the Underground has been of concern for old ages and is really much the norm for most commuters particularly during the forenoon and eventide haste hours. Stations which peculiarly have a job include Camden Town station and Covent Garden, which have entree limitations at certain times. [ 41 ]Restrictions are introduced at other Stationss when necessary. Several Stationss have been rebuilt to cover with overcrowding issues, with Clapham Common and Clapham North on the Northern line being the last leftover Stationss with a individual narrow platform with paths on both sides. On peculiarly busy occasions, such as football lucifers, British Transport Police may be present to assist with overcrowding. On 24 September 2007 the entireness of King s Cross resistance station was closed due to overcrowding . Some Stationss are closed or are made exit-only Stationss due to overcrowding in extremum periods. At other times trains merely do nt halt at the overcrowded station and travel onto the following closest station, in topographic points where there is another station within walking distance. Overcrowding can besides be limited by temporarily forbiding riders from go throughing through ticket Gatess to the platforms at some Stationss. Harmonizing to a 2003 House of Commons study, commuters faced a day-to-day injury and were forced to go in unbearable conditions . Safety Safety Accidents on the Underground web, which carries around a billion riders a twelvemonth, are rare. There is one fatal accident for every 300 million journeys. There are several safety warnings given to riders, such as the mind the spread proclamation and the regular proclamations for riders to maintain behind the xanthous line. Relatively few accidents are caused by overcrowding on the platforms, and staff proctor platforms and passageways at busy times prevent people come ining the system if they become overcrowded. Most human deaths on the web are suicides. Most platforms at deep tubing Stationss have cavities beneath the path, originally constructed to help drainage of H2O from the platforms, but they besides help forestall decease or serious hurt when a rider falls or leaps in forepart of a train.